After a bloodbath in the cryptocurrency markets this week with day after day consecutive losses, EOS is back at the $7 mark. Analysts predict a move below this point to be a bad sign for the future price action of EOS with this point being a long-standing support level.
EOS has been a bad investment for many in the cryptocurrency market this year with many investing in the project amid speculative price frenzies. Price is currently about 70% below the all-time highs of this year in EOS. In the event of a drop below $7, a few scenarios could play out. We may find support next in the $5.7 to $6.3 range. Additionally, we may have a case of the $7 level turning from support into resistance, and providing a barrier to EOS price action returning to above $7 levels.
The hourly chart provides a closer look at what has been happening with EOS trading in a range between $6.9 and $7.1. The hourly 50 and 100EMA have been acting as dynamic resistance levels making a significant rise up less likely. It is typical for the price to trade in a range after directional moves but the question is always what way the next directional move is going to be. With steep losses across the cryptocurrency market, a lot of signs are pointing towards the next directional move being to the downside.
- Price is currently trading in a range between $6.9 and $7.1.
- $7 has been an important support level for a long time, but it looks likely that price will break below. The level may turn from support into resistance.
- Hourly 50 & 100EMA are currently acting as dynamic resistance levels making a significant move up less likely.
EOS Price Back at $7 After Market Bloodbath was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.